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World Bank approves $1.49 billion in additional funding for Ukraine

Posted: Wednesday, June 8, 2022. 10:01 am CST.

By Zoila Palma Gonzalez: The World Bank has approved an additional $1.49 billion in funding for Ukraine.

The additional financing will assist to pay wages for government and social workers.

According to a statement from the World Bank, the funding is supported by financing guarantees from Britain, the Netherlands, Lithuania, and Latvia.

Amidst the ongoing turbulence in the country, President Volodymyr Zelensky said that the country needed $5 billion per month in the near term to keep its government operating in the middle of the invasion by Russia.

According to President Zelensky, the fighting has shut down many portions of the Ukrainian economy.

Last month, finance leaders from the Group of Seven industrial democracies pledged $9.5 billion in new funding for the country.

 

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